Friday, October 25, 2013

Let them eat cake...if we can get it from importing

Venezuelan President Nicolás Maduro .... criticized Luis Vicente León, director of research firm Datanálisis, for blaming price and exchange controls for the current domestic economic situation.

"Do you want us to lift the (exchange) control and allow the sale of US dollars so you can swallow them, take them with you, and make the country go in bankrupt? Never ever!" Maduro remarked.

The Venezuelan president also stressed the Foreign Exchange Administration Commission would be transformed and guaranteed sovereign control of US dollars in the country. "We will also bring back stability in prices. You will see," Maduro pledged.

Pressured by staple shortage, authorities will resort to a massive import plan to bring food from Colombia, Brazil, Uruguay, and Argentina. The plan is to put food back on the shelves in the next two months.